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According to the Vietnamese Government’s official portal, Toyota Motor Vietnam Co., Ltd. was established in September 2025 as a joint venture between Japan’s Toyota Motor Corporation (TMC), Vietnam Engine and Agricultural Machinery Corporation (VEAM), and Singapore’s KUO Group. Toyota Vietnam’s manufacturing facility is recognized as one of the highest-quality assembly plants in the Asia-Pacific region.
Deputy Prime Minister highly commended Toyota’s 30-year operational achievements in Vietnam and expressed gratitude for the company’s social contributions in the country. He highlighted Japan’s role as Vietnam’s top partner in ODA and labor, third in investment and tourism, and fourth in trade. Additionally, local cooperation, cultural exchanges, people-to-people diplomacy, and human resource collaboration have grown increasingly robust and effective.
Acknowledging the significant role of Japanese enterprises, including Toyota, in investment, production, and business cooperation with Vietnam, the Deputy Prime Minister encouraged Japanese companies to further expand direct and indirect investments in Vietnam, aiming for successes akin to Toyota’s achievements.
This year, Vietnam aims for an 8.3-8.5% growth rate, over $900 billion in import-export turnover, and a 3.6% CPI. In the upcoming term, Vietnam strives for double-digit growth.
In the transportation sector, Vietnam is transitioning from fossil fuel-based vehicles to renewable energy sources. Projects utilizing clean energy and advanced technologies will be actively promoted.
Against this backdrop, the Deputy Prime Minister urged Toyota to continue expanding its production and business investments in Vietnam. He affirmed the Vietnamese Government’s commitment to creating favorable conditions for Japanese enterprises, including Toyota, to sustain long-term investments in the country.
Mr. Tien Quoc Hao, Chairman of Toyota Asia, expressed gratitude to Deputy Prime Minister Ho Duc Phoc for his time and thanked the Vietnamese Government for its consistent support, particularly in financial and investment policies, which have significantly contributed to Toyota’s success in Vietnam.
Over 30 years in Vietnam, Toyota has domestically produced over 700,000 vehicles, sold more than 1 million units, exported over $1 billion, partnered with 61 local component suppliers, gradually increased localization rates, directly employed over 1,500 workers, and supported a total of 76,000 jobs across its ecosystem.
Regarding Toyota’s automotive development plans in Vietnam and its carbon neutrality goals, Mr. Tien Quoc Hao stated that Toyota aims to make automobiles more accessible in Vietnam while offering environmentally friendly solutions across diverse dimensions.
Toyota plans to further invest in Vietnam, focusing on enhancing the efficiency of its local plant, “greening” and improving product quality, introducing compact and mid-size hybrid vehicles, expanding its product range, scaling up production, and increasing local content in its Vietnamese operations.
Based on these initiatives, the Chairman of Toyota Asia proposed several measures to the Government to ensure sustainable and long-term business development in Vietnam.
On behalf of the Government, Deputy Prime Minister Ho Duc Phoc once again praised Toyota’s successful operations in Vietnam.
Addressing Toyota’s proposals and Vietnam’s automotive industry policies, Deputy Prime Minister Ho Duc Phoc reiterated the Government’s commitment to supporting Japanese enterprises, including Toyota, in maintaining stable and long-term investments in Vietnam.
Deputy Prime Minister Ho Duc Phoc emphasized the Government’s consistent support for Toyota’s expanded investment and business activities in Vietnam, wishing Toyota continued success in a new era of promising opportunities.
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